Rundong Auto locks in anchors ahead of HK IPO

Books open as the Chinese luxury automobile dealership seeks to raise $138 million in listing. The deal is set to price on August 5.

Books have opened for China Rundong Auto Group ahead of its Hong Kong initial public offering, with the issuer experiencing solid anchor demand in the first day of bookbuild.

The Chinese luxury automobile dealership aims to raise up to $138 million pre-greenshoe by selling 268.6 million shares between HK$3.58 and HK$3.98 per unit under the leads of Bank of America Merrill Lynch and Morgan Stanley. Some 91% of the shares will be primary,...